All Finance articles – Page 2
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News
Cathay ends Covid financial ties with government
Hong Kong-based Cathay Pacific Airways has completed the buyback of all of the warrants it had issued to the Hong Kong SAR (HKSAR) Government in 2020 as part of its pandemic-induced recapitalisation.The total consideration paid for the warrants buyback was about HK$1.53bn. On July 31, Cathay redeemed the remaining 50% ...
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NewsCargojet invests in more 767s as Q2 revenue climbs 10%
Cargojet has affirmed its focus on growing 767 freighter operations with the acquisition of two more passenger aircraft for future conversion.The Canadian cargo airline confirmed it had two 767s currently undergoing conversion, but said it had also invested in two more of the type."Cargojet currently has two B767 passenger-to-freighter conversions ...
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NewsEtihad cargo revenue up 10% in first half
Photo: EtihadEtihad Airways' cargo revenue increased by approximately 10% in the first half of this year compared to the same period of 2023.The Abu Dhabi-headquartered airline's cargo revenue was AED1.9bn ($507m) compared to AED1.7bn ($462) year on year.The increase in revenue was "primarily driven by increased demand and increased belly ...
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NewsATSG sees Q2 revenues and profits decline as 767Fs are returned
Freighter lessor and operator ATSG saw both profits and revenues decline in the second quarter of the year as a result of returned freighter aircraft.The company saw second-quarter revenues fall 7.7% year on year to $488.4m, earnings from continuing operations before income taxes were down 78.4% to $10.7m and net ...
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Expeditors: Buy rates put pressure on profits in erratic Q2
Expeditors saw its profits decline in the second quarter of the year despite increases in airfreight revenues and volumes.The Seattle-headquartered forwarder saw second-quarter airfreight volumes increase by 15% and air revenues improve by 14.5% to $860.3m. However, airfreight expenses rose by 22.9% compared with last year.There was a similar trend ...
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Cathay Pacific reports increases in cargo revenues and traffic in H1
Cathay Cargo saw its revenues and cargo traffic increase in the first half of the year as it benefitted from rising demand for e-commerce shipments and extra belly capacity.The cargo business saw first-half revenue increase 1.5% year on year to HK$10.9bn, while cargo traffic was up 4.6% to 4.1bn cargo ...
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IAG Cargo revenues improve in Q2
IAG Cargo has registered a year-on-year improvement in cargo revenues for the first time since the first quarter of 2022.The cargo business of the IAG Group saw its second-quarter cargo revenues increase by 1.1% compared with last year to €283m.Since 2022 the air cargo market has been affected by the ...
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NewsDHL air volumes up in the second quarter but profits slide
Source: DHL GroupDHL Group saw its air and ocean freight volumes rise in the second quarter of this year, contributing to a slight increase in year on year group revenue.The express and logistics giant registered a 5.3% increase in air volumes to 437,000 tons in the second quarter, while its ...
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Logistics UK welcomes funding for green aviation projects
The UK government will make more than £100m in funding available for five research and development projects that aim to reduce the environmental impact of aviation.The Department for Business and Trade said the funding would be delivered through Aerospace Technology Institute Programme to help pioneer groundbreaking new tech, including zero ...
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NewsIT issue continued to weigh on AF KLM Cargo results in Q2
Air France KLM Martinair Cargo (AFKLMP) recorded a decline in revenues in the second quarter of the year but is looking to build its presence in Asia to capitalise on growth in the market.The Franco-Dutch carrier group registered a 10% year-on-year decline in cargo revenues to €546m, while cargo tonnes ...
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DB Schenker the bright spot for Deutsche Bahn
DB Schenker was the star performer for loss-making Deutsche Bahn in the first half of the year despite operating profits and revenues coming under pressure.The German forwarder registered a 6.6% year on year decline in first-half revenues to €9.4bn, while adjusted earnings before interest and tax declined 16.9% to €520m ...
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NewsAPAC demand lifts DSV airfreight volumes
Increased demand for airfreight out of Asia Pacific (APAC) helped DSV up its air cargo volumes in the second quarter of this year.DSV's airfreight volumes increased 10% year on year in the second quarter to 349,076 tonnes compared to 316,456 in the same period last year."The increase was mainly driven ...
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NewsUPS Q2 profit down 30% YoY
Volumes posed a challenge for UPS in the second quarter of this year, though results were bolstered slightly by the performance of the supply chain solutions division.UPS has announced second quarter consolidated revenues of $21.8bn, a 1.1% decrease from the second quarter of 2023.Consolidated operating profit was $1.9bn, down 30.1% ...
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NewsAsia exports boost K+N airfreight volumes in Q2
Healthcare and semiconductor shipments, Asia exports and Red Sea disruption helped drive up airfreight volumes for Kuehne+Nagel (K+N) in the second quarter of 2024.Airfreight volumes at K+N increased 7.3% to 517,000 tonnes in the second quarter of 2024 compared to the same quarter in 2023.Net turnover in K+N's air logistics ...
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NewsFedEx axes 22 757 freighters as express profits remain under pressure
FedEx revealed in its fiscal fourth-quarter results that it has retired 22 of its Boeing 757 freighters as it looks to better match capacity to market demand. The move sees the express giant reduce its 757F fleet to 92 aircraft as of May 31, compared with 115 at the same ...
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CargoLogicAir administration continues to face difficulty accessing records
The administrator for defunct UK freighter operator CargoLogicAir has highlighted the ongoing issues it has faced in accessing the airline's company records.In a six-monthly progress report, the airline’s joint administrator Buchler Phillips said it had been unable to access Microsoft Azure and Microsoft 365 subscriptions since it was appointed.This was ...
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Mesa avoids de-listing from Nasdaq
US regional airline company Mesa Air Group has regained compliance with the Nasdaq stock market’s listing rules, which require companies to sustain stock prices above $1.The Phoenix-based parent of regional carrier Mesa Airlines disclosed on June 5 that it had received a notification from the Listing Qualifications Department of the ...
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NewsIATA raises outlook for airline cargo revenues and volumes
IATA has raised its outlook for airlines' cargo revenues and volumes for 2024 after demand and rates have performed better than expected.The airline association said it now expected cargo revenues for the year to be $120bn compared with its previous December forecast of $111bn.Cargo volumes in cargo tonne km terms ...
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Bloomberg: Private equity and shipping giants circle DB Schenker
German forwarding and logistics company DB Schenker has attracted bids from shipping and logistics giants as well as a private equity consortium.According to a report in Bloomberg, a consortium led by CVC Capital Partners and Carlyle Group has submitted a bid worth around €14bn.Meanwhile, DSV, AP Moller Maersk and Mediterranean ...
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UN commission examines the creation of negotiable cargo documents for air cargo
The United Nations Commission on International Trade Law (UNCITRAL) is looking at the creation of a negotiable cargo document that could be used in air cargo to transfer ownership of goods while in transit.Unlike ocean bills of lading, transport documents issued by rail, road and air carriers, which are often ...